Today, of course, since the economy has been such a big deal, and since yesterday’s election can be seen as a mandate for Barack Obama and the Democrats, it’ all about how an Obama presidency is likely to affect the economy and your personal finances. Indeed, there are already calls for another stimulus package of some sort, meant to stimulate both the economy and individual financial situations. If you are interested in figuring out what might be coming, Cash Money Life has an interesting look at what some of Obama’s policies may mean, and Consumerism Commentary offers a helpful and succinct look at the highlights of CNN Money’s coverage on the subject.
The bottom line, though, is that you need to be responsible for your own personal finances. There may be some tools to help you on the way, but, ultimately, no matter who is in office, you are largely in charge of your success in terms of personal finances.
My thoughts on some of the economic policies espoused by Barack Obama
My biggest disagreement with Obama: Despite my general support for Barack Obama, I don’t agree with him on every aspect of his plans. One of the things that I disagree with is the “windfall tax” on oil profits. While I think that Big Oil should lose its special tax breaks and as a profitable company should not be receiving subsidies, I think a windfall tax is pushing it. Instead, the subsidies currently enjoyed by Big Oil should be moved to fund the development of alternative energy technology that can help us end our need for oil.
Obama wants to offer rebate checks to people hit be high energy costs from the “windfall tax.” (It’s sort of what they’ve been doing in Alaska for years and years.) Anyway, I was against the first tax rebate check, and I’m not for this rebate check either.
One of the things I like about Obama’s economic proposals: One of the things I’m okay with, in terms of Obama’s proposals is the idea of raising the capital gains and dividend tax rates. Yeah, that means I’ll be paying a little more. But it doesn’t bother me. Neither do allegations that it will stymie investment. Just as there is no evidence that tax cuts for investment gains “trickle down” to help the less wealthy, there is no evidence that higher taxes on investments stymie investment. Bottom line: The benefits of investing outweigh taxes you pay. You still have more money, and you still made more than you put in.
What about you? What are some of the things that you like and dislike about Barack Obama’s economic proposals? And, please, let’s keep this a civil discussion.
image credit: U.S. government, public domain